ACROSS Magazine 4/2013

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D E T N WA e r i s e s of d tly

t urren c c e e r a j s e Ob te sit ists opping l real esta il sh Why reta many investors’ of p o t e h t at

OPiniOn Alexander Otto, C CeO of eCe, emphasizes the importance of center managers CiTY RePORT According to Cushman & Wakefield, Moscow is still considered to be under-supplied ReTAiL HunkemĂśller expands its branch network in Denmark, Sweden, Austria, and Germany

A Window onto the Brands . ............. .7 Commentary.by.Reinhard.Winiwarter

Projects & Openings........................... 20 Projects,.openings,.and.other. shopping.center.news

Training Is the Best Basis for Long-Term Success ..................... .8 Commentary.by.Alexander.Otto Don’t Let Communication Let You down . ................................. .10 Commentary.by.Michelle.Buxton

Mall with a “Fifth Facade” ............... 30 The.Skyline.Plaza.in.Frankfurt.am.Main. opened.its.doors.at.the.end.of.August

N A W

Understanding the Purchase Life-Cycle ......................... 12 Commentary.by.Laurent.Morel

Refurbished Future .......................... 14 Commentary.by.Christoph.M..Achammer Going Glocal: Tapping into the Increasing Desire for Authenticity................................. 16 Commentary.by.Thomas.Mark

Crowded Prague............................... 32 In.relation.to.its.population,.the.Czech. capital.has.more.retail.space.than.Vienna. or.Munich Shopping alongside Mickey Mouse.................................. .36 Klépierre.will.expand.the.Val.d’Europe. shopping.center.near.Disneyland.Paris

Investment News............................. .42 TIAA-CREF.and.Henderson.establish. global.real.estate.plattform

Shopping Centers Are Facing Energy Management Challenges..... 18 Commentary.by.Dominique.Jahan

Moscow: Still Under-Supplied........... .38 A.few.large.projects.are.currently.under. construction.in.the.Russian.capital

Good Returns in Retail in Secondary and Tertiary Cities in Poland............ .44 Commentary.by.Martin.Sabelko

Objects of Desire............................. .46 Why.real.estate.sites.are.currently.at.the. top.of.many.investors’.shopping.lists.

“We Are Looking for Market Opportunities in Southern Europe” ............. .50 Henrike.Waldburg,.Head.of.Investment.

Management.Shopping.Center.at.Union.

Investment,.talks.about.the.soaring.prices. of.European.commercial.real.estate

The Trend Is toward “Broken Core” . ................................ .54 The.European.real.estate.asset.management.specialist.Corpus.Sireo.is.increasingly. focusing.on.retail.properties.

2 ACROSS 4| 2013

Make 1 + 1 Equal 3 ......................... .68 According.to.the.experts.at.GfK.Geomarketing,.there.will.be.further.shifts.in.the. share.of.sales.from.bricks-and-mortar.to. online.retailing

Detailed Look at Germany . ............. 80 Fewer.large.areas,.more.revitalizations,. fifty.projects.in.the.pipeline,.focus.on. medium-sized.cities..These.findings.and. more.stem.from.the.“EHI.Shopping.Center.

Report.2013”.on.the.German.market

D E T N Food, Fuel, and the Future of Retail Floor Space . .................................... .72 Foodservice.Column.by.Jonathan.Doughty Lead and Bits – What Happens Next with the Media Mix? ....................... .74 Commentary.by.Felix.Moritz.Lück

Acquisition of Retail Properties and Projects in Germany ........................ 84 The.lawyer.Johannes.Grooterhorst. explains.what.one.must.consider

Where Shopping Meets Business .. .76 Center.Manager.Thorsten.Kemp.on.the. heart.of.the.new.Skyline.Plaza.and.the. practical.proximity.of.Christmasworld

Cross-Border Retail . ....................... .58 Commentary.by.Jörg.F..Bitzer Forty Openings in Germany in 2013 Alone . ................................. .60 Marko.Schönebeck,.director.of.. expansion.at.Hunkemöller.in.Germany,. explains.his.plans

Main Trends in Western European Retail Markets .................................. 78 BNP.Paribas.Real.Estate.takes.a.look.at. the.United.Kingdom,.Germany,.and.

France,.as.well.as.the.troubled.markets. of.Spain.and.Italy,.in.a.new.study.

Retailforum 2013 Switzerland.......... 88 The.industry.event.takes.place.. on.November.7th.in.Zurich

CEE/SEE: A Crisis in Commercial Leasing? Yes, but a Temporary One ...................... .64 Commentary.by.Gergely.Bodó Efficient Marketing Instrument ..... .66 When.properly.implemented.. and.market,.gift.card.systems.are. becoming.ever.more.important

4 | 2013 ACROSS 3

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SES is specialized in developing, constructing and managing first–class retail real estate. The company‘s particular strengths lie in the development and operation of efficient commercial properties with high levels of floor space turnover. SES offers unique shopping experience in five European countries.

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YOUR SHOPPING CENTER SPECIALIST Development Construction Management Leasing Center Management / Facility Management Asset Management

ACROSS.is.the.trade.magazine.for.Europe’s. shopping.center.industries..The.independent.magazine.informs.about.latest.shopping.center.projects.and.brings.news.of. relevance.to.the.readers.in.the.sector.in. top.quality.on.approximately.one.hundred. pages..ACROSS.also.provides.political,. economic,.and.legal.information..All.this.is. rounded.off.by.country.profiles,.company. and.people.portraits,.information.on. trends.in.the.retail.and.catering.sectors,. consumer.issues,.as.well.as.by.commentaries.from.leading.experts..The.magazine. is.published.entirely.in.English.with.an..

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A C R O S S 4| 2013

NEW PROJECTS

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Klaus.Rauch AUSTRIA

4 ACROSS 4| 2013

| 2013 4|2013 4

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Media Owner: ACROSS.Medien-.und.Verlags.GmbH.

sire s oftesdare tly t c e curren e j b si O lists tate il real es shopping Why reta many investors’ p of at the to

OPiniOn Alexander Otto, C CeO of eCe, emphasizes the importance of center managers CiTY RePORT According to Cushman & Wakefield, Moscow is still considered to be under-supplied ReTAiL Hunkemöller expands its branch network in Denmark, Sweden, Austria, and Germany

10.09.13 08:49

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a WindoW onto the BRands

BY ReinhaRd WiniWaRteR, iMaGe: sMa

The.old.vacuum.cleaner.is.having.more.and.more.problems..At.the. meeting.of.the.family.council.the.family.decides,.without.much. long.discussion,.to.invest.in.a.new.device..So.it’s.off.to.the.nearest.shopping.mall,.where.they.explore.the.products.offered.by.the. three.appliance.retailers.there.and.opt.for.the.best.model..Then,. with.the.brand.new.vacuum.cleaner.in.the.trunk,.the.family.heads. back.to.its.home.sweet.home.

So.far,.so.obsolete,.because.the.functional.spectrum.of.shopping. centers.has.obviously.changed.–.not.least.because.of.booming. online.retail..They.are.no.longer.places.where.consumers.just.buy. a.commodity.or.a.service..Instead,.they.score.points.by.offering.a. number.of.experiences.and.act.as.important.social.meeting.spaces..That.is.a.fact.

But.how.is.the.industry.handling.these.facts.in.the.year.2013?.For. example,.how.do.they.affect.the.subject.of.leasing?.Leases.based. on.retailer.turnover.are.definitely.being.viewed.more.skeptically..

In.times.when.individual.stores.in.shopping.centers.now.function. as.exhibition.spaces.as.well.as.sales.areas,.such.contracts.are. considered.obsolete..The.said.exhibition.function.can.be.described.with.the.term.“Home.of.the.Brands.”.In.other.words,.the. more.sophisticated.stores.in.malls.provide.online.shoppers.with.a. “window.onto.the.brands”.in.the.real.world..At.the.same.time,. bricks-and-mortar.stores.require.less.space..

Heading.into.the.bureaucratic.jungle:.How.much.longer.will.tenyear.leases.for.large.spaces.still.be.around?.Who.can.now.sanction.such.a.move.in.good.conscience?.What.does.this.mean.in. turn.for.anchor.tenants.such.as.the.famous.electronics.chains.with. their.hitherto.popular.floor.areas.of.10,000.sq.m?

reinhard WiniWarter Publisher of ACROSS Magazine and Managing Director of sma

Since.sales.and.customer.frequency.will.shift.along.with.the. changed.function.of.shopping.centers,.new.ways.of.calculating. rents.will.be.needed..The.quicker.and.more.contemporary,.the.better..The.cards.are.now.undoubtedly.being.reshuffled.for.operators. and.retailers..Thus,.food.courts.in.malls.are.increasingly.important..This.is.true.not.only.in.terms.of.area.of.up.to.15%.of.GLA,.but. also.in.terms.of.customer.opinion..Shoppers.realize.that.they.can. order.a.glass.of.wine.online.but.that.they.cannot.enjoy.one.there..

The.perfect.place.for.such.a.glass.is.in.a.hip.restaurant.in.a.shopping.center,.preferably.in.the.company.of.friends.or.colleagues,. before.or.after.a.visit.to.the.cinema.or.bowling.night..With.a.side. trip.to.a.“Home.of.the.Brands,”.of.course.

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shoppinG centeRs aRe facinG eneRGY ManaGeMent challenGes BY doMinQUe Jahan, iMaGe: atalian

With.an.average.consumption.of.550.kWh.per.square.meter.and.year,. shopping.centers.are.struggling.to.adopt.all.European.Union.directives.on.energy.efficiency,.but.there.are.some.“first.aid.measures”. than.can.be.undertaking.in.order.to.comply..These.measures.fall.under.challenges.to.be.taken.on..

CHALLENGE #1: ALWAYS CONCENTRATE ON ENERGY EFFICIENCY Before.trying.to.go.for.BREEAM.or.LEED.certifications,.real.estate. professionals.must.keep.in.mind.that.a.temperature.of.1°C.higher.in.a.building.means.an.additional.cost.of.approximately.7%.added.to.the.annual.energy.bill..Managing.energy.use.in.the.right.way. is.therefore.necessary.for.efficient.facility.management..Efficient. energy.use.is.one.of.the.pillars.of.a.sustainable.energy.policy..It. means.that.some.slight.changes.in.improving.energy.efficiency. can.create.tremendous.amounts.of.savings..To.ensure.these.savings,.an.“Energy.Performance.Contract”.can.be.drawn.up,.allowing.savings.of.up.to.20%.of.the.total.yearly.energy.bill..The.objective.is.to.reduce.customers’.energy.bills.by.optimizing.equipment. use.–.while.not.cutting.corners.on.comfort.–.with.a.short.ROI.of. just.two.to.three.years..

dominique Jahan General Director of Atalian Global Services Poland

6 ACROSS 4| 2013

CHALLENGE #2: KEEP IN MIND THAT GOING GREEN DOES NOT ALWAYS HAvE TO BE ExPENSIvE Contrary.to.widespread.myth,.going.green.is.not.always.expensive..It.actually.saves.lots.of.money..In.the.current.tense.economic.context,.going.green.can.reduce.operating.costs.–.now.and.in. the.future.–.by.notably.reducing.energy.expenses..Naturally,. green.building.or.greening.an.existing.building.can.cost.extra.during.implementation,.but.the.return.on.investment.is.always.worth. it..For.several.years,.we.have.been.implementing.energy.efficiency.systems.at.clients’.facilities..Coupled.with.on-site.teams’.expertise,.our.unique.technology.allows.us.to.bring.these.customers.the.benefits.of.contractually-guaranteed.savings..

CHALLENGE #3: IMPLEMENT OPTIMIzED MANAGEMENT OF TECHNICAL FACILITIES The.proper.use.of.green.technologies.and.facility.management.is. crucial.for.the.success.of.shopping.centers..This.is.precisely.why. energy.management.applied.through.technical.maintenance.is.essential..It.consists.of.managing.three.crucial.parameters:.the. functioning.of.equipment.and.facilities,.the.comfort.of.users,.and. energy.consumption..As.part.of.facilities.management,.the.first. measure.is.to.optimize.the.management.of.technical.facilities..To. put.it.in.simple.terms,.a.device.is.connected.to.the.building.management.system.and.to.a.server.in.order.to.manage.the.facility’s. equipment..Part.of.the.“Energy.Performance.Contract,”.this.costeffective.system.works.efficiently.both.on.green.and.non-green. buildings,.though.the.results.are.more.remarkable.on.non-green. ones..It.means.that,.even.if.it.a.building.is.not.green,.optimized. management.of.its.technical.facilities.can.make.it.greener.

While.green.buildings.promise.to.reduce.energy.bills,.such.systems.help.shopping.centers.go.greener.for.the.same.purpose..By. accompanying.them.in.their.growth,.they.do.not.come.at.the.expense.of.the.environment.or.society..The.critical.requirement.for. success.is.the.implementation.of.an.energy.management.system. that.combines.ecology.and.economy.

UndeRstandinG the pURchase life-cYcle BY laURent MoRel, iMaGe: KlépieRRe

One.of.the.most.fascinating.things.about.retail.is.that.it.mirrors.what. is.going.on.in.society..The.way.people.lead.their.lives.is.always.changing.and.shopping.habits.change.with.them..This.concept.is.not.new:.

History.shows.that.retail.has.always.had.to.change.with.the.times.to. ensure.its.connection.to.customers.

In.my.view,.allocation.of.time.is.a.big.driver.of.change.in.customer. behaviors..Use.of.time.has.changed.dramatically.over.the.past.few. decades,.with.people.traveling.farther.to.work.while,.at.the.same. time,.striving.for.more.leisure.time..Coupled.with.people’s.accelerated.pace.of.life,.the.result.is.one.of.increased.busyness,.higher.. mobility.and.blurred.boundaries.between.work.and.leisure..Retailers. have.worked.hard.to.make.sure.they.stay.close.to.their.customers,. wherever.they.go..New.market.places.have.emerged,.including.. destination.shopping.centers.inside.and.outside.urban.areas,.malls. located.in.the.heart.of.tourist.zones,.retail.spaces.in.transit.zones. such.as.railway.stations.and.airports,.and.shops.on.the.doorsteps.of. where.people.work..Online.retail.completes.the.range.and.all.these. forms.of.retail.are.expanding.simultaneously..

Technology,.of.course,.is.playing.a.big.role..Digital.tools.have.changed. the.way.people.buy.things:.from.searching.for.products.to.click-andcollect.services,.from.online.forums.to.product.and.service.reviews..

The.act.of.purchasing.starts.way.ahead.of.a.customer’s.shop.visit. and.extends.beyond.the.time.spent.inside..

The.challenge.now.for.all.retailers.is.to.understand.better.the.. purchase.life-cycle:.Where.is.the.customer.likely.to.be?.When.will.he. shop?.What.will.make.him.stop.at.a.given.sales.point?

Retailers.continue.to.add.new.channels.to.broaden.exposure.to.customers,.but.the.ultimate.answer.is.to.offer.ever.greater.value..With. physical.stores,.retailers.have.a.unique.opportunity.to.rethink.their. formats,.enrich.ambiance,.add.interactive.elements.such.as.digital. displays,.and.develop.other.value-adding.initiatives.to.widen.and.enhance.the.customer.experience..The.goal.is.to.continue.to.offer.better.service,.greater.choice,.more.advice,.higher.interaction,.and.a. more.customized.approach.to.the.client..Facing.customers.with.more. and.more.individualized.and.sophisticated.needs,.retailers.. are.working.to.engage.and.surprise.them.beyond.their.current.expectations..This.makes.the.difference.between.success.and.failure.

The.integrated.shopping.experience.provided.by.malls.makes.them. a.privileged.place.for.millions.of.visitors.a.year..However,.to.succeed,. malls.must.continue.to.transform.themselves.alongside.what.the. best.retailers.are.doing..Beyond.a.revisited.design,.layout,.and.. atmosphere,.we.must.never.forget.the.basics.of.putting.together.the. right.mix.of.retailers..Shopping.centers.have.to.act.more.quickly.than. ever.to.bring.in.new.brands,.concepts,.and.formats..Some.retail.. sectors,.such.as.beauty.and.food,.are.setting.the.pace.with.new. ideas.that.are.helping.make.the.physical.experiences.they.offer.. irreplaceable..Even.some.traditionally.exclusive.high-street.retailers. are.increasingly.interested.in.joining.malls..

So,.with.change.becoming.the.norm,.the.interests.of.shopping.mall. managers.and.retailers.are.clearly.converging..As.we.take.strides.forward.together,.I.am.convinced.that,.the.stronger.we.make.this.partnership,.the.bigger.the.opportunities.will.be.for.us.both.

Laurent moreL Chairman of the Executive Board of Klépierre

4 | 2013 ACROSS 7

UNITED KINGDOM

Image: aeRe

lasalle investment Management acquired livingston designer outlet from joint owners land securities, clients of aviva investors, McarthurGlen, and the Richardson property Group for £52m. livingston designer outlet was built in 2000 by McarthurGlen and is a 298,064-sq -ft (27,691-sq-m) retail and leisure destination located in livingston’s town center in West lothian, one of the major retail destinations in scotland. the scheme is anchored by Vue cinema, Gap, next, and Marks & spencer, with a diverse offer of medium to high-end national and international brands. it comprises 98 retail and leisure units, including a fully refurbished food court and the eight-screen cinema. the outlet attracts a wide catchment of over 2 million people within a 45-minute drive time and provides 1,755 public parking spaces within a multistory car park as well as a further 502 “pay and display” surface car park spaces. James Boyd-phillips, head of Retail, lasalle investment Management, commented: “situated in one of scotland’s major retail destinations, livingston designer outlet has the fundamentals to continue to be a thriving center, supported by our asset management strategy. this is a strong asset which will enhance the breadth of our portfolio.”

SoŇ a hý bnerová

8 ACROSS 4| 2013

SLOvAKIA ONE FASHION OUTLET READY TO OPEN one fashion outlet has secured international iconic brands ecco and lee cooper in its line-up ahead of the outlet’s opening on october 30, 2013. the signings are in addition to its already impressive line-up of international retailers, including adidas, nike, and Gant. With 60% of tenants already signed and a further 20% in negotiation, the scheme is the first of its kind to open in slovakia. With such brands on board, the scheme’s opening is highly anticipated within the cee region. one fashion outlet will be marketed as a family destination with an excellent food offering, set in an idyllic setting with a 5000 sq m lake. situated on the d1 highway in Voderady outside of Bratislava, the retail area consists of 15,000 sq ma, which includes 70 units. the scheme will cater to the 4.8 million people living within a 90-minute drive from the center.

Image: ONe FashION Outlet

POLAND FINALIzED: ATRIUM BUYS GALERIA DOMINIKA SKA atrium european Real estate recently announced that it had concluded the acquisition of the 32,900-sq-m Galeria dominikan ´ska in Wroclaw. the purchase price amounted to €151.7 million. atrium acquired the shopping center from a joint venture between the otto family and German euro shop aG. ece will continue to operate Galeria dominikan ´ska. the mall opened in 2001 and is the leading shopping center in Wroclaw, poland’s fourth largest city (with a population of approximately 630,000 inhabitants) and capital of the silesia region. it is situated in a prime location next to the historic old city on the inner ring road in the heart of the city. it is accessible via nine tram and bus lines with five stops in front of the center and has access to a wider catchment area of about one million potential customers, of which approximately 580,000 live within a driving time of 15 minutes. as a result of the transaction, the share of atrium’s total income-generating portfolio taken up by polish shopping centers has now reached 50.4% by market value, compared to 47.0% previously.

Image: aeRe

Atrium European Real Estate has announced the appointment of Soň a Hý bnerová as its new chief financial officer to succeed David Doyle, who is leaving the Group to pursue other business interests.

Hý bnerová assumes her new position on September 1st 2013, following the completion of an orderly handover. She has been with Atrium for almost eight years, during which time she has held a number of senior operational and management positions, most recently as Director of Finance for Strategic Projects assisting the CFO with the Group’s financial, and financing, requirements, as well as having responsibility for all financial aspects of the Group’s acquisitions.

Hý bnerová also has a thorough understanding of the Group’s financial operations, having held the position of Group Controller from 2009 until early 2012, when she was promoted to her most recent position.

Prior to joining the Group, she was with Deloitte in the audit and advisory department in Prague. She holds a Master’s and a Bachelor’s degree in Economics and Business Administration, both of which are from the University of Economics in Prague.

Image: lasalle

LASALLE IN A BUYING MOOD

SWEDEN

FRANCE

Image: tK DevelOpmeNt

EUROCOMMERCIAL COMPLETES PURCHASE OF vAL THOIRY

“BARKARBY GATE” UNDER THE HAMMER

Image: euROcOmmeRcIal

tK development has sold the Group’s retail park project “Barkarby Gate” in Barkarby, stockholm. the retail park will have a total floor space of about 20,000 sq m, and the current occupancy rate is 73%. lease agreements have been concluded with major tenants such as XXl (sporting goods), clas ohlson, lager 157, Grizzly, Kjell & co., Burger King, and nordic Wellness. the buyer is a fund managed by cordea savills. cordea savills is an international property investment manager with offices across europe and in asia. the opening of “Barkarby Gate” is scheduled for autumn 2014.

eurocommercial recently announced that it was in advanced discussions for the sale of the 8,115-sq m-passy plaza shopping center in paris. eurocommercial signed a contract to sell passy plaza to an institutional insurer at a price of €141 million, 4.7% above its december 2012 valuation. the sale is expected to be completed at the end of september this year. eurocommercial bought the mall in 1999 and has achieved an internal rate of return of 15% per annum since then. Jones lang lasalle advised eurocommercial on this transaction. some of the proceeds from the sale will be reinvested in the previously announced acquisition of the 23,400-sq-m Val thoiry shopping center (photo) and leroy Merlin brico store, which are located in the “Grand Genève” area of france, one kilometer from the swiss border. the purchase of Val thoiry from Vastned Retail n.V. was completed on June 13th 2013 for a gross cost of €111.5 million, representing a net initial yield of 5.6%. this purchase is being funded through the use of short term credit lines, which will be repaid once the sale proceeds for passy plaza are received. Work is starting immediately on the refurbishment of the center and on designs for a significant expansion, subject to all the usual planning consents.

PORTUGAL FROM 2014, EDGE GROUP BUILDS TWICE the edge Group, an investment holding by José luís pinto Basto and Miguel pais do amaral, and sonae sierra, an international specialist in shopping centers, have announced a deal for the commercialization and management of the forte center (photo) in carnaxide, and the setúbal center in setúbal. the construction of both spaces is expected to begin in 2014 and the edge Group’s investment in these two projects represents more than €100 million. sonae sierra will be responsible for the commercialization and management of the two edge Group shopping centers and the pre-marketing process was already launched this July. the forte center, located in avenida do forte, near the highway connection a5 linda-a-Velha/carnaxide, is a multipurpose project that will integrate a shopping center, a hotel, an office center and a parking area. the space, at 14,000 sq m, intends to satisfy the daily needs of the resident, corporate, and floating population in an easily accessible area and with extended opening hours. setúbal center, at 20,600 sq m, will be integrated in the urban area of setúbal, near the extension access of the a12. the objective of the urban center’s project is to reinforce the links with the surrounding community and bridge the gap of the inexistence of a space specially reserved for shopping and services.

RUSSIA AN OUTLET CENTER FOR MOSCOW

Image: sONae sIeRRa

Image: FashION hOuse gROup

at the end of June, the fashion house Group opened its fifth outlet center developed in cee and Russia under its brand. fashion house outlet center Moscow is the first fully-enclosed and professionally managed facility of this type in the country. its size and location, as well as the quality of its tenant mix, make it as an important shopping destination, and provide the inhabitants of the Moscow region with a truly “european-style” outlet experience. it is conveniently located 12 km from Moscow on the leningradskoye highway (M10) to st. petersburg, near sheremetyevo airport. With a total Gla of 28,640 sq m, the center is home to 165 outlet units, restaurants, cafes, a children’s play area, and a parking lot for over 1,800 vehicles. fashion house outlet center Moscow offers top quality international and local brands, which are available all year round at discounts ranging from 30% to 70% below original prices. the tenant mix has been selected according to the specifics of the local market and the preferences of Russian customers.

4 | 2013 ACROSS 9

COvER STORY

s t c e j b O e r i s e d of s e t i s e t a t s e l a e r l i a t e r y h W f o p o t e h t t a are currently s t s i l g n i p p o h s ’ s r o t s e v n i y man

N A W It’s.a.done.deal..On.September.13,.the.purchase. of.Silesia.City.Center.in.Katowice.in.Poland.was. completed..An.international.consortium.of.investors.led.by.Allianz.acquired.the.86,000-sqm-GLA.shopping.center.in.May..The.seller.is.Immofinanz.Group,.whose.CEO,.Eduard.Zehetner,. comments:.“We.only.sell.a.property.when.we. think.the.time.has.come.and.the.price.is.right..

When.we.see.that.an.object.cannot.currently.be. sold.for.a.price.acceptable.to.us,.we.keep.it..We. do.not.need.to.sell.”.What.is.important.is.that. any.deal.makes.both.strategic.and.financial. sense.and.that.all.transactions.together.provide. the.best.result.for.the.company.and.its.shareholders..“This.was.the.case.with.Silesia.City.

Center:.At.more.than.€400.million,.this.sale,. marked.at.book.value,.is.not.only.a.milestone.in. the.history.of.Immofinanz,.but.also.supports.and. confirms.the.recovery.of.the.CEE.transaction. market,”.remarks.Zehetner.

10 ACROSS 4| 2013

INvESTMENT IN POLAND ON COURSE FOR A POST-2006 RECORD

The.experts.at.the.globally.active.real.estate.services.company.Savills.see.the.situation.in.even.rosier.terms..They.predicted.in.a.recent.analysis.that. the.volume.of.transactions.in.Poland.this.year.will. crack.the.€3.billion.mark.and.thus.reach.a.record. level.last.seen.in.2006..The.retail.segment.will.form. the.weightiest.portion.of.this.–.up.to.70%.of.all. deals..Savills.notes.that.investors.are.focusing.on. two.asset.classes:.large.regional.shopping.centers. in.regional.cities.and.older,.but.well-established,. malls.with.good.revenue.figures.in.B.and.C.cities..

European.market.participants.are.thus.indulging.in. a.buying.mood.and.commercial.real.estate.is.high. on.their.wish-list,.as.evidenced.by.cases.beyond.

Poland.as.well..This.strong.demand.also.has.its. downsides..Andrew.Allen,.Director.of.Global.Prop-

ENCOURAGINGLY STRONG DEMAND IN THE UK

Center.Investment.at.Cushman.&.Wakefield,.said:.

“Investment.demand.is.encouragingly.strong.and. we.are.seeing.investors.from.all.over.the.world. wanting.to.acquire.UK.retail.assets..There.is.a. growing.belief.that.the.sector.has.reached.the. bottom.and.now.offers.decent.recovery.prospects..Even.the.more.challenging.secondary.cities.are.now.seeing.stronger.levels.of.demand.and. we.are.predicting.some.areas.of.yield.improvement.over.the.second.half.of.2013.as.investment. demand.looks.set.to.notably.exceed.supply.”

But.it.is.not.just.on.the.large.island.off.the.coast.of. continental.Europe.that.as.much.commercial.real. estate.as.the.market.will.bear.is.being.bought.and. sold..Germany,.long.decried.as.one.of.the.most. boring.retail.markets.in.Europe,.has.now.arrived.at. the.top.of.the.shopping.center.industry..The.international.investment.community.is.less.excited. about.the.individual.revenue.generated.per.customer.and.store.visit.than.about.the.economic.stability.and.the.constant.purchasing.power.there.that. make.commercial.real.estate.appear.to.be.such.a. safe.investment.in.the.first.place..The.investors. come.from.everywhere..Whether.they’re.institutional.investors.or.asset.managers.from.all.over.the. world.–.Germany.has.been.the.Eldorado.of.the.industry.in.recent.months..Top.assets.are.trading.at. premium.prices..Returns.far.below.5%.seem.not.to.

Image: iMMofinanz GRoUp

erty.Research.at.Aberdeen.Asset.Management.

PLC,.warns.“Investors.continue.to.be.highly.interested.in.the.best.shopping.centers.across.Europe. and.this.raises.the.question.of.whether.such.assets. are.overvalued..Potentially.some.are.”.The.investment.management.group,.founded.in.Aberdeen,.

Scotland.in.1983,.also.notes.the.fundamental. structural.issues.in.retail,.which.are.seeing.the.Internet.change.the.way.we.shop..“The.impact.will. be.most.notable.among.young.people,.many.of. whom.see.online.shopping.as.the.norm.and.naturally.eschew.the.traditional.high.street..These. changes.mean.that.investors.should.not.necessarily.consider.what.has.previously.been.regarded.as. quality.to.still.be.so,”.Allen.explains.

eduard Zehetner CEO of Immofinanz Group: “When we see that an object cannot currently be sold for a price acceptable to us, we keep it. We do not need to sell.”

D E T N Image: BiRMinGhaM citY

When.asked.about.which.market.was.currently. the.most.active,.Allen.responds.“Great.Britain.”.

According.to.Cushman.&.Wakefield,.shopping. center.investment.turnover.for.the.first.half.of.

2013.has.indeed.been.very.healthy.at.£1.928.billion.(€2.298.billion),.more.than.double.the.level. in.the.same.period.last.year..For.example,.Futures.

Fund.sold.its.one-third.stake.in.Bullring.in.Birmingham.last.May.for.£307.million.to.Hammerson.and.CPPIB..Charlie.Barke,.Head.of.Shopping.

The volume of transactions in the UK more than doubled in the first half of 2013 compared to the same period of 2012.

Among other things, one third of the Bullring in Birmingham was sold for £307 million.

4 | 2013 ACROSS 11

COvER STORY

bother.many.investors,.either..On.the.contrary,.the. volatile.markets.of.recent.years.have.sent.safetyconscious.investors.scrambling.towards.retail.real. estate..The.motto.was.just.not.to.flush.any.more. money.down.the.tubes..Good.thing,.then,.that.real. estate.investments.are.acceptable.again.–.just.five. years.after.the.Lehman.bankruptcy..Most.investors. know.that.there.are.virtually.no.more.cheap.deals. to.be.found.in.the.market..

OF BARGAIN HUNTERS AND FIRE SALES

Image: aBeRdeen

“Of.course,.there.are.also.opportunists.who.are. waiting.for.fire.sales,”.Dirk.K..Wollweber,.Director.

Asset.Management.Retail.at.Corpus.Sireo,.admits..

The.hope.of.finding.any,.however,.is.extremely.low..

This.has.to.do.primarily.with.the.low.availability.of. core.properties,.which.is.also.visible.in.the.investment.market..The.transaction.volume.for.German. shopping.centers.up.to.the.end.of.June.this.year. was.approximately.€970.million..That.represents.a. decrease.of.a.whopping.35%.compared.to.the.previous.year,.calculates.Jones.Lang.LaSalle..But.this. veritable.decline.does.not.mean.that.German.commercial.real.estate.is.not.in.demand..On.the.contrary,.the.investment.caravan.is.moving.from.A.locations.towards.B.and.C.locations,.and.has.added. retail.parks,.strip.malls,.and.all.other.types.of.commercial.real.estate.to.the.shopping.centers.already. on.its.monetary.menu..Asset.managers.know.that. this.is.naturally.associated.with.a.higher.risk..

andreW aLLen Director of Global Property Research at Aberdeen Asset Management PLC: “Investors continue to be highly interested in the best shopping centers across Europe and this raises the question of whether such assets are overvalued.

Potentially some are.”

12 ACROSS 4| 2013

The.fragmented.ownership.structure.of.German.retail.parks.is.likely.to.benefit.investors,.however..

These.regional.commercial.properties.are.often.still. owned.by.individual.investors.and.family.offices,. and.the.arguments.for.selling.are.clearer.here.than. for.highly.professional.asset.management.companies..Haggling.is.still.a.must,.however..“We.find.retail.parks.in.Germany.to.be.significantly.overpriced,”.says.Henrike.Waldburg,.Head.of.Investment.

Management.Shopping.Center.at.Union.Investment..Purchases.are.going.ahead.regardless..The. number.of.investment.products.on.the.market.with. a.focus.on.commercial.real.estate.is.rising.steadily..

And.no.sooner.have.investment.managers.discovered.a.new.favorite.asset.class,.then.they.begin.expanding.the.industry.vocabulary..Properties.with.future.potential.are.now.dubbed.“broken.core”.or.“to. develop.core.”.In.neighboring.France,.too,.the.love. of.retail.real.estate.has.long.spurred.investors.on.

SHOPPING IN FRANCE According.to.Savills,.€2.5.billion.were.invested.in. the.French.commercial.property.market.in.the.first. quarter.of.2013.–.as.much.as.in.the.same.period. of.the.previous.year..Particularly.noteworthy.here. are.investments.in.retail.and.service.real.estate. (hotels,.nursing.homes).with.an.increase.of.119%. and.85%,.respectively,.compared.to.last.year..

These.two.types.of.use.were.responsible.for.more. than.€100.million.each.for.four.of.the.seven.transactions.during.this.time,.thus.giving.a.significant. boost.to.the.market..Boris.Cappelle,.Head.of.Investment.at.Savills.France,.says:.“The.investment. market.remained.stable.in.the.first.quarter.of.

2013..The.retail.and.service.real.estate.sectors. provided.particularly.good.results,.as.investors. look.beyond.traditional.office.buildings.to.diversify.their.portfolios..Nevertheless,.investors.overall. are.sticking.to.their.long-term.strategies.and.focusing.primarily.on.core.assets..For.the.coming. months,.we.expect.stable.investment.and.forecast. investment.in.the.French.property.market.of.between.€5.million.and.€6.million.for.the.first.half.of. the.year.”

The.analysts.at.Savills.also.note.rising.transaction. volumes.for.retail.properties.in.the.Netherlands..In. the.first.quarter.of.2013,.about.€160.million.were. invested.in.the.Dutch.retail.real.estate.market,.30%. more.than.in.the.same.period.last.year,.which. showed.a.level.of.€122.million..Among.the.most. important.transactions.was.the.sale.of.five.shopping.centers.for.a.total.of.€70.million.and.the.acquisition.of.five.supermarkets.for.€20.million..Clive.

Pritchard,.Director.of.Investment.at.Savills.Holland,.notes:.“Retail.investments.in.the.Dutch.real. estate.market.have.shown.strong.performance.so. far.this.year.and.we.expect.that.this.will.remain.so,. as.investor.interest.remains.high..The.total.volume. of.transactions.in.the.sector.could.reach.up.to.€1. billion.by.the.end.of.the.year,.thus.surpassing.the. previous.year’s.result.of.€885.million.”.

In.short:.The.run.on.retail.properties.and.shopping. centers.in.Europe.seems.to.be.continuing.unabated.–.and.not.just.because.of.the.loose.monetary. policy.of.international.central.banks..Particularly. courageous.investors.are.already.glancing.towards.

Spain.and.Portugal,.where.shopping.centers.are. probably.still.very.inexpensive.when.compared.to. the.rest.of.Europe.

think acroSS. SubScribe to the number one magazine for the Shopping center induStry in europe.

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"aCroSS – europe's Shopping Centers", is the only international and independent medium for the shopping center industry in europe. the magazine is published six times a year entirely in english, and is distributed in 40 european countries directly to the decision makers of the retail real estate sector.

ATALIAN GLOBAL SERvICES

france, Belgium, luxemburg, poland, czech Republic, slovakia, hungary, croatia, Romania, turkey, Morocco & lebanon.

111-113 Quai Jules Guesdes 94 400 Vitry-sur-seine, france t. +33 1 55 53 05 07 f. +33 1 55 53 04 02 www.atalian.com/en vincent.vallois@atalian.com

atalian is a global facility services provider, focusing on providing 85% of services with its own resources. in the last 20 years, atalian acquired more than 200 companies mainly in the fields of Maintenance, cleaning, security and landscaping in 10 countries. currently present in france, Belgium, luxemburg, poland, czech Republic, slovakia, hungary, croatia, Romania, Morocco, lebanon & turkey. With a portfolio of more than 80 shopping centers and over 50 office buildings, atalian is considered as the strongest service provider for cee real estate owners. atalian currently employes over 55,000 people.

ATP ARCHITECTS AND ENGINEERS innsbruck, Vienna, Munich, frankfurt, zurich, Budapest, zagreb, Moscow

heiliggeiststr. 16, a-6020 innsbruck, austria phone: +43 512 5370 - 0 fax: +43 512 5370 - 1100 email: info@atp.ag www.atp.ag

BARTHELMESS GROUP schwabacher str. 510 d-90763 fürth, Germany phone: +49 911 9713 - 245 fax: +49 911 9713 - 328 email: center@barthelmess.com www.barthelmess.com

the Barthelmess Group is a leading company in europe for all-inclusive services in the area of seasonal decorations, theme parks and visual merchandising. the customer base includes european retail brands, shopping centers, railway stations, airports and department stores. With in-house designers, comprehensive expert assembly on location and a worldwide supply network, Barthelmess focuses on individual and tailor-made one-stop solutions.

BLACHERE ILLUMINATION zone industrielle, f-84400 apt, france phone: +33 4 90 74 20 95 fax: +33 4 90 74 14 63 email: sales@blachere-illumination.com www.blachere-illumination.com

CA IMMOBILIEN ANLAGEN AG Mechelgasse 1, a-1030 Vienna, austria phone: +43 1 532 59 07 - 0 fax: +43 1 532 59 07 - 510 email: office@caimmo.com www.caimmo.com

CBRE GLOBAL INvESTORS schiphol Boulevard 281, G-tower, 8th floor 1118 Bh schiphol, netherlands phone: +31 20 202 2200 www.cbreglobalinvestors.com *As.of.30.June.2012

CHRISTMASWORLD Messe frankfurt exhibition Gmbh ludwig-erhard-anlage 1 d-60327 frankfurt am Main, Germany phone: +49 69 75 75 - 0 email: christmasworld@messefrankfurt.com www.christmasworld.messefrankfurt.com

14 ACROSS 4| 2013

atp architects and engineers is one of europe’s largest and most renowned integrated design offices. it employs 450 people in 8 subsidiaries in Germany, austria, switzerland and cee. as specialists in retail and entertainment buildings, atp aims to create innovative and intelligent solutions of sustainable quality. integrated design has been the company’s core competence for 35 years. experienced interdisciplinary teams plan simultaneously in virtual models. they take responsibility for all architectural design and engineering tasks of a construction project.

Blachere illumination is a company specializing in the illumination of towns, shopping centers and private places for the end of year festivities. it offers a wide range of led light decorations: luminous garlands, curtain lights, street decorations … it promotes future technology of energy efficiencies and places the highest importance on research and development. With forty years’ experience on lighting markets, we have worked in the widest possible range of environments, for both urban space and private setting.

ca immo was founded in 1987. the company develops and invests in commercial real estate (and in particular offices) in austria, Germany and eastern europe. as of 30 september 2011, the company’s total property assets amounted to some €5.2 bn. ca immo is listed on the Vienna stock exchange, with free float of around 83 % at the present time.

cBRe Global investors is a global real estate investment management firm with eUR 72 billion in assets under management*. the company sponsors investment programs across the risk/return spectrum for investors worldwide. the cBRe Global investors eMea platform, with eUR 28,2 billion of assets under management* is one of the largest and most diversified real estate investment management business. the platform has offices in 15 countries, managing investments in 17 countries across europe. for more information please visit www.cbreglobalinvstors.com

christmasworld – the World of seasonal decoration – is the leading international trade fair for festive decorations. exhibitors from all over the world present the latest trends and products for all festive occasions of the year – including innovative concepts for decorating large spaces and outdoor areas, such as shopping centres – in frankfurt am Main from 24 to 28 January 2014.

CINEPLExx INTERNATIONAL Mag. christof papousek Geschäftsführer|cfo constantin film-holding Gmbh cineplexx Kinobetriebe Gmbh siebensterngasse 37, a-1070 Wien, austria

CORPUS SIREO HOLDING GMBH & CO. KG aachener straße 186 d-50931 cologne, Germany phone +49 221 39900-0 fax +49 221 39900-109 e-mail: kontakt@corpussireo.com www.corpussireo.com

COvERPOINT FOODSERvICE CONSULTANTS

the Barn, 11 Waltham court Milley lane, hare hatch, Reading RG10 9aa, United Kingdom phone: +44 18 940 5266 fax: +44 118 940 5277 email: commitment@coverpoint.co.uk www.coverpoint.co.uk

cineplexx Kinobetriebe Gmbh was founded in 1993 as a 100% subsidiary of constantin film-holding Gmbh which belongs to the austrian family langhammer. cineplexx emerged in the transition phase during the 1990s when traditional cinemas were closed and multiplex cinemas entered the market. since 2008 the group has bundled its international business activities under cineplexx international ltd. in total it runs 35 cinemas with 235 screens across austria, croatia, serbia, Montenegro and northern italy. total sales reached 120 Mio. euro in 2011 with about 1.100 employees.

With a total of 15.4 million square metres of commercial and residential property space worth 16.2 billion euros in assets under management including 1.8 billion euros of institutional assets, the cologne-based coRpUs siReo employs a staff of around 560 professionals at 11 locations in Germany and luxembourg. this makes the company Germany’s largest real estate asset manager. as a result, even rival companies rate coRpUs siReo as the chief competitor on the market. (these are the findings of the “Real estate asset Management Report 2013" compiled by Bell Management consultants.) in addition, coRpUs siReo received the immobilienmanager Magazine award 2012 as Germany’s leading real estate asset manager and counts among the industry’s top employers according to “immobilien zeitung”. to national and international investors, institutional investors, banks, and companies with proprietary real estate portfolios, coRpUs siReo offers investment management and asset management services along the entire real estate supply chain. Moreover, the company acts as broker and project developer for owner-occupiers and investors.

coverpoint are an international foodservice consultancy. since 1993 we have been creating for our clients, outstanding Retail and shopping centre food experiences. from fast food and innovative food courts to the latest casual dining clusters, we provide developers, landlords, shopping centre Managers and owners with the best advice on ‘how to do food’. We carry out feasibility studies, market analysis, capacity planning and foodservice spatial design. We bring all these skills together as part of your team to ensure that your food & Beverage experience is perfectly matched to your guest’s needs. We do food! call us to find out how we can help you.

CUSHMAN & WAKEFIELD Bratislava • Bucharest • Budapest • Moscow • prague • Warsaw

na prˇíkopeˇ 1, 110 00 praha 1, czech Republic phone: +420 234 603 603 email: jonathan.hallett@eur.cushwake.com www.cushmanwakefield.com

ECE PROjEKTMANAGEMENT G.M.B.H. & CO. KG heegbarg 30, d-22391 hamburg, Germany phone: +49 40 60606 - 0 fax: +49 40 60606 - 6230 email: info@ece.com www.ece.com

EHI RETAIL INSTITUTE spichernstr. 55 d-50672 Köln, Germany phone: +49 221 579 93 -32 fax: +43 221 579 93 -45 info@ehi.org www.ehi.org

cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. the company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. founded in 1917, it has 253 offices in 60 countries and more than 14,000 employees. it offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. the firm has more than $4 billion in assets under management globally. a recognized leader in local and global real estate research, the firm publishes its market information and studies at www.cushmanwakefield.com/knowledge.

ece develops, plans, builds, leases out, and manages large commercial real estate since 1965 and is active in 16 european countries. the company is european market leader with 183 managed shopping centers. on an overall sales area of 6 million m2, about 17,500 retail businesses generate 19 billion euros in annual sales. another 14 shopping centers are currently under construction or planned throughout europe.

ehi is the scientific institute of the German retail industry. the members of ehi include German and international retail companies and their industry associations, manufacturers of consumer and investment goods and various service providers for retail like real estate developers and shopping-center management firms. We research topics relevant to the future of retailing, organize conferences and working groups, operate our own publishing house (e.g. the ehi shopping-center Report), and are partners to Messe düsseldorf in staging the euroshop, the world's biggest trade fair of investment goods for retail business.

4 | 2013 ACROSS 15

EHL ASSET MANAGEMENT GMBH prinz-eugen-straße 8-10, a-1040 Vienna, austria phone: +43 1 512 76 90 fax: +43 1 512 76 90 - 890 email: office@ehl.at www.ehl.at

EKAzENT IMMOBILIEN MANAGEMENT GMBH leopold Moses Gasse 4, a-1020 Vienna, austria phone: +43 1 201 22 - 0 email: office@ekazent.at www.ekazent.at

ekazent’s core competencies include center management, leasing management and refurbishment. active development, ongoing improvements – adapting to changing market conditions establishes a functional interface between investors, tenants and consumers. increase both customer satisfaction and earnings with a professional universal scheme. capitalize your commercial real estate. With our help.

FIRST CHRISTMAS BY ROSENAU GMBH Blankeneser Bahnhofstr. 7, d-22587 hamburg, Germany phone: +49 (0)40 86 64 875 - 0 fax: +49 (0)40 86 64 875 - 60 email: mail@rosenau.com www.rosenau.com

first christmas by RosenaU Gmbh one of europe’s leading suppliers of christmas decorations. We offer a full service including design, production and installation of top quality modern and traditional decorations. our expertise and products are being implemented across the continent and in the near east.

GERMAN COUNCIL OF SHOPPING CENTERS E. v.

Bahnhofstraße 29 d-71638 ludwigsburg, Germany phone: +49 7141 38 80 - 83 fax: +49 7141 38 80 - 84 email: office@gcsc.de www.gcsc.de

the German council of shopping centers, Gcsc, represents the interests of over 700 member companies in the shopping center and commercial real estate industry, including operators and developers, trade representatives, service providers, consultants, investors, and other companies.

GFK GEOMARKETING GMBH Werner-von-siemens-str. 9, Building 6508 d-76646 Bruchsal, Germany phone: +49 7251 9295 100 fax: +49 7251 9295 290 email: info@gfk-geomarketing.com www.gfk-geomarketing.com

GROOTERHORST & PARTNER Königsallee 53-55, d-40212 dusseldorf, Germany phone: + 49 211 8 64 67 - 0 fax: + 49 211 13 13 42 email: info@grooterhorst.de www.grooterhorst.de

ICSC EUROPE 29 Queen anne’s Gate, london sW1h 9BU, UK phone: +44 20 7976 - 3100 fax: +44 20 7976 - 3101 email: icsc.europe@icsc.org www.icsc.org

IMMOFINANz GROUP Wienerbergstraße 11, a-1100 Vienna, austria phone: +43 1 88 090 e-Mail: communications@immofinanz.com www.immofinanz.com

16 ACROSS 4| 2013

ehl Real estate Group is one of the leading real estate service providers in austria and the market leader in the fields of commercial and residential real estate as well as investment properties. its business activities range from property marketing, property valuation, asset and portfolio management, center management to market research and investment consultancy.

GfK GeoMarketing is one of europe’s largest providers of geomarketing services and products. our business areas include: consultancy and research expertise, Market data, digital maps, RegioGraph. GfK GeoMarketing is a subsidiary of GfK, one of the world’s largest and most renowned market research companies. drawing on this international network of wide-ranging resources and expertise, GfK GeoMarketing promotes business success and “growth from knowledge”.

Grooterhorst is a German-wide practicing law firm focussing on property law. it is highly specialized in planning law for shopping center and other large retail schemes and the firm is nationwide knownfor this competence. the firm’s services also encompass real estate transactions, commercial lease law, construction law and banking law. it acts for German and international investors, developers, fundsand asset managers.

the international council of shopping centers is the global not-for-profit trade association for the shopping centre industry with over 60,000 members from more than 80 countries worldwide. our members include owners / developers, Retailers, investors, architects, shopping centre managers, Retail consultants and other real estate professionals.

the iMMofinanz Group is one of the five largest listed property companies in europe. the company comprises 1,678 standing investments with a carrying amount of approx. eUR 8.5 billion. the core business of iMMofinanz covers the acquisition and management of investment properties, the realisation of development projects and the sale of objects in the retail, office, logistics and residential segments.

More: www.immofinanz.com

KRAMMER & WAGNER PROjEKTENTWICKLUNG UND IMMOBILIEN GMBH Goldschmiedgasse 2/5/4, a-1010 Vienna, austria phone: +43 1 532 25 55 fax: +43 1 532 25 55 - 55 email: office@krammer-wagner.at www.krammer-wagner.at

KLEPIEERE 21 avenue Kléber, f-75116 paris, france phone: + 33 1 40 67 57 40 fax: + 33 1 40 67 55 62 wwww.klepierre.com

KUNDöRFER CONSULTING GMBH frankenweg 5, a-8051 thal-Graz, austria phone: +43 316 / 581 822 fax: +43 316 / 570 550 email: office@kundoerfer.com www.kundoerfer-consulting.com

MAPIC the international market for retail real estate phone: +33 1 79 71 90 00 www.mapic.com

MEC METRO-ECE CENTERMANAGEMENT GMBH & CO KG am albertussee 1, d-40549 düsseldorf, Germany phone: +49 211 30153 -101 fax: +49 211 6886 4973 -101 email: info@mec-cm.com www.mec-cm.com

Krammer & Wagner has been successful in the field of development, consulting and marketing of real estate for more than 20 years. as a market leader in austria, Bosnia herzegovina, croatia, slovakia, serbia and Romania for classical shopping and power centers, we offer comprehensive, innovative solutions based on knowledge and experience.

a leading shopping center property company in europe, Klépierre combines development, rental, property and asset management skills.its portfolio is valued at 16.2 billion euros on June 30, 2013 and essentially comprises large shopping centers in 13 countries of continental europe.Klépierre holds a controlling stake in steen & strøm (56.1%), scandinavia’s number one shopping center owner and manager. the largest shareholders are simon property Group (28.9%), world leader in the shopping center industry, and Bnp paribas (21.9%). Klépierre is a french Reit (siic) listed on euronext paristM and is included into the sBf 80, epRa euro zone and GpR 250 indexes.

Building upon years of international experience in retail and extensive location expertise for many cee/see countries as well as austria and Germany, Kundörfer consulting advises its customers on all retail expansion and retail property questions. targeting retailers and companies active in the real estate market, Kundörfer consulting offers both solutions for strategic issues and their implementation.

Mapic (www.mapic.com/en/the-event/history/) is the key meeting point for 2,430 retailers looking for partners, and 2,300 property developers and owners looking for retailers to enhance their sites. Mapic delivers 3 days of tailored meetings, expert-led conferences and a premium exhibition for industry leaders targeting all types of retail property and brings together 8,200+ participants from 69 countries. the 19th edition will take place at the palais des festival of cannes, france, from 13-15 november 2013.

Mec MetRo-ece centermanagement Gmbh & co. KG is a joint venture of MetRo GRoUp and ece. Mec is Germany’s leading centre management company for retail warehouse oriented shopping centres. it is responsible for managing, operating, leasing, developing and marketing of currently 38 shopping centres in Germany in which more than 1.300 tenants achieve an annual turnover of €2.7 billion on a sales area of 900.000 m2.

MESSE FRANKFURT Messe frankfurt exhibition Gmbh ludwig-erhard-anlage 1 d-60327 frankfurt am Main, Germany phone: +49 69 75 75 - 0 email: info@messefrankfurt.com www.messefrankfurt.com

Messe frankfurt is Germany’s leading trade-fair organiser. 578,000 square metres of exhibition ground are currently home to ten exhibition halls and an adjacent congress centre. events “made by Messe frankfurt” take place at more than 30 locations around the globe and cover the fields of consumer goods, textiles, architecture, technology & design and automotive technology.

MK ILLUMINATION trientlgasse 70, a-6020 innsbruck, austria phone: +43 512 20 24 30 - 0 fax: +43 512 20 24 33 email: t.mark@mk-illumination.com www.mk-shoppingcenter.com

MK illumination designs, manufactures and markets festive and decorative led lighting concepts for shopping centres. We offer full service from conception, production, installation, servicing and financing. MK is a local company on a global scale operating from 21 national markets worldwide.

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OASIS SHOPPING CENTER SERvICES tipografilor street 11-15 s-park, Building B 3, 2nd floor 013714 Bucharest, district 1, Romania phone: + 40 269 2067 14 e-mail: brigitte.schmitt@oasisconsult.com www.oscs.eu

PAYLIFE BANK GMBH Marxergasse 1B, a-1030 Vienna, austria phone +43 1 717 01 - 0 fax: +43 1 717 01 - 3000 www.paylifeblack.at

paylife is the market leader and number one choice for cashless payments in austria. paylife is synonymous with convenient, simple and secure card payments as well as customer focus and innovation. Whether credit- and prepaid card, pos terminal, e-commerce or Quick, the electronic purse, paylife offers individual and comprehensive products to meet all needs. With payUnity, paylife is the only provider for e-commerce and pos payments from one source. in 11 countries paylife offers its customers total solutions for all branches. paylife. Bringing life to your card.

RAIFFEISEN EvOLUTION PROjECT DEvELOPMENT GMBH ernst-Melchior-Gasse 22, a-1020 Wien, austria phone: +43 1 717 06 - 624 fax: +43 1 717 06 - 410 www.raiffeisenevolution.com

Raiffeisen evolution project development Gmbh is a real estate company operating in austria, central and eastern europe with its headquarters in Vienna. our portfolio includes primarily residential and office buildings, as well as hotels, shopping and retail centres as well as mixed-use objects. We implement projects with high sustainability suitable for investors.

REAL4YOU IMMOBILIEN GMBH haiderstraße 23, a-4052 ansfelden, austria phone: +43 7229 8808 0 email: office@real4you.at www.real4you.at

the austrian Real 4 You Group is one of the leading retail real estate developers in eastern europe. developing familycenter-Retail parks and mega.mall-shopping centers is currently one of the company’s core business. More than 150 projects has been realized in the last 15 years.

R.E.D. REAL ESTATE DATABANK 145-157 st John street, ec1V 4pW, london, UK phone: +385 91 280 1010 email: renato@redstar.eu.com www.redstar.eu.com

REINHARD WINIWARTER WINERY obere hauptstraße 19, a-3552 stratzing/Krems Business adress: Rotenturmstraße 17, a-1010 Vienna phone: +43 1 533 32 60 fax: +43 1 533 32 60 10 email: office@rw-winery.com www.rw-winery.com

S IMMO AG friedrichstrasse 10, a-1010 Vienna, austria phone: +43 5 0100 - 27521 fax: +43 5 0100 9 - 27521 email: office@simmoag.at www.simmoag.at

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oasis shopping center services is a value oriented shopping centre management company that has been founded to offer centre management for malls and retail parks in Romania. We have more than 20 years experience in the shopping centre industry - one of our partners has been with the european market leader for more than a decade. With our proactive approach we ensure the long term, sustainable and yield oriented success of the shopping centers we manage. the various tasks include: assessment of the sites, commercial Building Management, Refurbishment, Marketing, technical and infrastructural Management. centre management plays a central and extremely significant role in the holistic management and support process of a shopping centre thus we work in interdisciplinary teams. as forward-looking and target–oriented we look for value gaps and possible refurbishments in order to secure the long term success of the shopping center.

R.e.d. star is a reliable and independent guide for commercial real estate executives in cee. We deliver impartial and timely research data on commercial property to the real estate industry in form of transparent market reports at regional, country and city level. R.e.d. star Retail Matchmaking event is central eastern europe’s deal-making happening of the year connecting the dots between leasing professionals and global retail brands ready to expand throughout the region via pre-arranged meetings in one place on one day. for more information visit www.redstar.eu.com

We like authentic, pure, and simple things. this awareness flows into all our wines. in a world that is increasingly complex, we stand for an emphasis on fine, regional characteristics, as well as simple and concise product design.Grüner Veltliner is our most important variety and it is our main focus. zweigelt and chardonnay round out the portfolio.

s iMMo aG is austria’s first real estate investment company and has been listed on the Vienna stock exchange since 1987. the company invests in high-quality real estate in austria, Germany and six countries in central and southeastern europe. its broadly diversified portfolio is focused on sustainability and consists of residential, office and commercial properties as well as hotels.

SES SPAR EUROPEAN SHOPPING CENTERS GMBH söllheimer straße 4, a-5020 salzburg, austria phone: +43 662 4471 0 fax: +43 662 4471 7199 email: office@ses-european.com www.ses-european.com

ses – no. 1 in austria and slovenia – is specialized in developing, constructing and managing first-class retail real estate at an international level. the company provides complete service from development to center management in central, southern and eastern europe. shopping malls managed by ses are among the very best the industry has to offer.

SMA STANDORT MARKETING AGENTUR GMBH Rotenturmstraße 17, a-1010 Wien, austria phone: +43 1 533 32 60 - 0 fax: +43 1 533 32 60 - 10 email: office@sma-austria.at www.sma-austria.at

We specialize in fulfilling the marketing and communication needs of retail and commercial real estate. our spectrum includes project development services as well as drafting and implementation of marketing and communications for operational properties. our goal is to turn retail locations into strong and appealing regional brands.

SONAE SIERRA lugar do espido,Via norte 4471-909 Maia, portugal phone: +351 22 948 7522 email: global@sonaesierra.com www.sonaesierra.com

TOOLBOx MARKETING

cambridge, stockholm, Warsaw, sofia, Budapest, helsinki

Vine farm, Up street, Bardwell suffolk, ip31 1aa, UK phone: +44 1359 250208 fax: +44 1359 250228 Michelle.buxton@toolboxmarketing.com www.toolboxmarketing.com

TRIGRANIT MANAGEMENT CORPORATION Váci út 3.

1062 Budapest, hungary phone: +36 1 374 6516 fax: +36 1 374 6571 email: info@trigranitmanagement.com www.trigranitmanagement.com

UNION INvESTMENT REAL ESTATE GMBH Valentinskamp 70 / eMpoRio d-20355 hamburg, Germany phone: +49 40 34 919-0 fax: +49 40 34 919-4191 email: service@union-investment.de www.union-investment.de/realestate

zUMTOBEL LICHT GMBH donau-city-strasse 1, a-1220 Wien, austria phone: +43 1 258 26 01 - 0 fax: +43 1 258 26 01 - 982 845 email: welcome@zumtobel.at www.zumtobel.at

sonae sierra is the international shopping centre specialist that is passionate about bringing innovation and excitement to the shopping industry. our integrated approach to the shopping centre business includes the ownership, development and management activities. this strategy allowed us to develop a recognized unique know-how which we use for our shopping centres, as well as third-parties projects and operating shopping centres.

specialists in creating value and Roi, toolbox Marketing employ passion, experience, innovation and creativity to drive retail destination marketing throughout europe. active in 16 countries with creative hubs in sweden, poland, Bulgaria, hungary, finland and UK, the toolbox Marketing specialist teams create, direct, implement and evaluate all aspects of the marketing mix in both B2B and B2c sectors.twelve years in the business and an unshakable thirst for innovation enable us to maximise brand development and customer experience using an array of multi-media and multi-channel marketing techniques.

triGranit Management corporation is a customer focused real estate services consultancy. By creating and managing spaces in a safe, clean, reliable and sustainable environment tGM strives to provide its clients with value, transparency, understanding and efficiency for tenants; sustainability, reliability and responsi-bility for landlords and owners of commercial, office, cultural or recreational facilities through its high-quality services. tGM is currently active in hungary, poland, slovakia, croatia, slovenia, Romania, Russia, Bulgaria, Macedonia and Belarus. the blend of a portfolio which includes commercial, office, cultural, educational and recreational facilities, within which we welcome approximately 60 million visitors every year, supporting the success of more than 1,500 tenants.

Union investment is a leading international investment company specializing in open-ended real estate funds for private and institutional investors. Union investment has assets under management of some €23 billion in fourteen real estate funds. active in the property investment business for 48 years, Union investment operates today in 23 countries around the world. in addition to office space and business parks, the hamburg-based company is investing in business hotels, logistics properties and shopping centers. Union investment entered the retail sector at an early stage, allowing the company to secure a strategic position in this growing area. the result is a high-quality portfolio presently comprising 37 shopping centers in Germany, austria, sweden, Belgium, france, poland, italy, spain and turkey, with a current market value of some €6 billion.

zumtobel, a company of the zumtobel Group, is an internationally leading supplier of integral lighting solutions for professional indoor and outdoor building lighting applications. for more than 50 years, zumtobel has been developing innovative, custom lighting solutions that meet extremely exacting requirements in terms of ergonomics, economic efficiency and environmental compatibility and also deliver aesthetic added value.

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NOW READ ACROSS. FROM A TO z!

BURKhaRd hoffMann ece

stephan JUnG savills

MaRtin saBelKo cBRe Global investors

thoMas BindeR sonae sierra

sophie KaRMasin Karmasin.Motivforschung

MaRcUs Wild ses

chRistoph M. achaMMeR atp architects and engineers

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